Avolon becomes world’s third largest lessor with combined fleet of
868 aircraft

April 04, 2017 08:00 AM Eastern Daylight Time

DUBLIN & HONG KONG--(BUSINESS WIRE)--Avolon Holdings Limited, the international aircraft leasing company,
announces the completion of the acquisition of the aircraft leasing
business of CIT Group Inc. (NYSE: CIT) (the “Transaction”).

Avolon is now the world’s third largest aircraft leasing company with a
combined fleet, as of 31 December, 2016, of 868 aircraft valued at over
US$43 billion.

Transaction Highlights

Transaction doubles Avolon’s size and creates the world’s third
largest aircraft leasing platform.

Avolon now serves 149 customers in 62 countries with approximately one
third of in-service aircraft leased into each of the Americas, EMEA
and Asia-Pacific regions, providing balanced geographic exposure.

The combined business had an owned fleet of 551 aircraft at 31
December 2016 with an average aircraft age of 4.7 years: the youngest
owned, in-service fleet among the world’s top three aircraft leasing
companies.

The combined business is well capitalised to pursue further growth
opportunities across multiple acquisition channels; Avolon’s balance
sheet is strong with a long-term strategic shareholder committed to
the sector.

Avolon CEO, Dómhnal Slattery, said: “We are pleased to
announce the completion of our acquisition of the CIT aircraft leasing
platform. We have acquired an excellent franchise with a stellar
reputation in the market. Our immediate priority is to integrate the
businesses under the Avolon brand.”

“We would also like to acknowledge the contribution of Jeff Knittel
and Tony Diaz in building the CIT aircraft leasing franchise and wish
them well in their future endeavours.”

Headquartered in Ireland, with offices in the United States, Dubai,
Singapore, Hong Kong and Shanghai, Avolon provides aircraft leasing and
lease management services. Avolon is a wholly-owned, indirect subsidiary
of Bohai Capital Holding Co., Ltd., a Chinese public company listed on
the Shenzhen Stock Exchange (SLE: 000415). Avolon is the world’s third
largest aircraft leasing business with a pro-forma owned, managed and
committed fleet, as of 31 December, 2016 of 868 aircraft valued at over
US$43 billion.

Bohai Capital Holding Co., Ltd. is a Chinese public company listed on
the Shenzhen Stock Exchange (SLE: 000415), a CSI 300 index company, and
is the only listed leasing company on the Chinese A-Share stock market.
Bohai owns a portfolio of world class equipment and transportation asset
leasing companies and is a majority controlled subsidiary of the HNA
Group. See www.bohaileasing.com/en/

Note Regarding Forward-Looking Statements

This document includes forward-looking statements, beliefs or opinions,
including statements with respect to Avolon’s business, financial
condition, results of operations and plans. These forward-looking
statements involve known and unknown risks and uncertainties, many of
which are beyond our control and all of which are based on our
management’s current beliefs and expectations about future events.
Forward-looking statements are sometimes identified by the use of
forward-looking terminology such as “believe,” “expects,” “may,” “will,”
“could,” “should,” “shall,” “risk,” “intends,” “estimates,” “aims,”
“plans,” “predicts,” “continues,” “assumes,” “positioned” or
“anticipates” or the negative thereof, other variations thereon or
comparable terminology or by discussions of strategy, plans, objectives,
goals, future events or intentions. These forward-looking statements
include all matters that are not historical facts. Forward-looking
statements may and often do differ materially from actual results. No
assurance can be given that such future results will be achieved.